Carrizo Oil & Gas Exceeding Production Goals for 2011

Carrizo Oil & Gas plans to reach 7,000 bopd by the end of 2012 and is already surpassing current production goals. The Eagle Ford and Niobrara shales have added almost all of the liquids production to Carrizo's production mix that was previously dominated by natural gas. Company wide liquids production stands at over 6,000 bopd, so it doesn't look like they'll have any trouble hitting 7,000 bopd with 20+ Eagle Ford wells planned in 2012.

"It may have appeared optimistic when we announced our 5,000 bopd target in mid-2010 given that we were producing approximately 400 bopd at the time and had no production from the Eagle Ford or Niobrara," commented President and CEO S. P. "Chip" Johnson IV, "however I had confidence that our operations staff would be able to quickly ramp production from our leasehold in these two plays. I believe reaching the 5,000 bopd milestone is an outstanding achievement which exemplifies the quality of Carrizo's operations team. The initiation of production from these last eight wells brings our well count to 23 gross producing Eagle Ford wells with another 13 gross wells drilled waiting on completion and 9 gross Niobrara wells producing with one gross well waiting on completion.